Fish get rid of nitrogen-containing waste largely in the form of ammonia (NH3) mostly via the gills. Other nitrogen-containing waste as ammonia comes from bacterial action on undigested or unabsorbed food passed through the fish's gut, from bacterial action on uneaten food, etc. Ammonia is highly toxic. Bacteria oxidize ammonia to nitrite, still highly toxic. Other bacteria oxidize nitrite to nitrate, which is far less toxic than either of the other two preceeding materials.
If your tank is showing nitrite there is not enough of the bacteria present oxidise this material - either because the tank is new and not established, or because something destroyed the bacteria. Water changes should be done enough to bring the nitrite to harmless levels or your fish could be injured or killed.
Nitrate if the final oxidation product in tanks for nitrogen-containing waste. If may be consumed by plants or algae, but in fish-only tanks is best controlled by water changes. There can be no "set" or predicted percentage change - every tank is diferent, depending on bioload and feeding. You need to measure nitrate and do partial changes to keep nitrates below 40ppm, better below 20ppm.
HTH